FxWirePro: USD/TRY steadies near 4-week low, investors eye fresh catalyst
The Turkish Lira trimmed gains after rising to a near 4-week peak earlier in the session on optimism over the country's global funding search. Reuters reported that Turkey was in talks with Japan and the United Kingdom o…
The Turkish Lira trimmed gains after rising to a near 4-week peak earlier in the session on optimism over the country's global funding search.
Reuters reported that Turkey was in talks with Japan and the United Kingdom on setting up currency swap lines, and with Qatar and China on expanding existing facilities.
USD/TRY is trading flat at 6.9165, having hit a low of 6.8968 earlier, its lowest since April 20.
Last week, the Turkish currency hit an all-time low after data showed that measures taken to curb the coronavirus pandemic weighed heavily on the fiscal budget and on housing sales.
Immediate resistance is located at 6.9430, any close above could take it above 6.9596 (21-EMA).
On the downside, support is seen at 6.8853 and break below could take it near 6.8758.
